Federal PLUS Loan

Federal PLUS Loan for Parents

The Federal PLUS Loan is a credit-based loan that parents may borrow on behalf of their dependent undergraduate students. Students must be enrolled at least half-time in a degree program.

Interest Rate and Fees

The federally set interest rate for the PLUS Loan is fixed at 8.5%, although many lenders offer benefits resulting in lower rates. Federal PLUS Loans are subject to 3% loan origination fees and a 1% federal default fee. All lenders on our Preferred PLUS Lender List are paying the default fee on the borrower’s behalf, resulting in only 3% total fees.

Repayment

Repayment on the PLUS Loan begins within 60 days of the final disbursement.

Maximum Loan Amount

The maximum amount a parent can borrow in a PLUS Loan is the total cost of attendance (comprised of tuition and fees, room and board or living costs, books and personal expense allowance) minus all other financial aid.

Application Tips

Apply for the total amount needed for the entire academic year

Loan will be disbursed ½ in August and ½ in January
Repayment would begin after January disbursement

Remember to account for the 3% loan fees in determining your loan amount
Have your and the student’s Social Security Numbers available when you are applying

Preferred Lenders

Saint Xavier’s Preferred PLUS Lenders were chosen based on their ability to provide reliable electronic processing and disbursement, good customer service and competitive borrower benefits. Review our list of Preferred Lenders and apply for a PLUS Loan now.

You are free to borrow from any lender of your choosing. Contact the lender directly to begin the application process

Email: financial_aid@sxu.edu
Phone Number: (773) 298-3070
FAX Number: (773) 298-3084